Published Wednesday, January 25, 2012 @ 7:36 am

“This matter is serious and will cause problems at the job.”

Believe it or not this is exactly what collection representatives from California-based debt collection company, Rincon Debt Management, were asked to tell unassuming Americans each time they attempted to collect on back debts.

But based on a complaint filed by the Federal Trade Commission, often the debtor they were trying to pressure didn’t owe any money at all.…

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Published Tuesday, January 24, 2012 @ 7:34 pm

In the “new economy,” full of novel financial realities, we often hear a lot about how cash-strapped kids are often coming home to live with and borrow from their better-positioned parents. And now a new report tells us why.

According to a report from the Associated Press, the wealth gap between younger and older Americans has stretched to the widest on record, “worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt.”

Based on analysis by the Pew Research Center, the AP says “The typical U.S.…

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Published Friday, January 20, 2012 @ 7:08 pm

Jobs in the private sector may be on the way up—a complete change of pace from the post-Recessionary years—but optimism about the mortgage industry is still way down in the wake of massive foreclosure abuses at major mortgage lenders.

In fact, The New York Times recently published a shocking article detailing the struggles of homeowners facing foreclosure framed by mortgage servicing horror stories piling up all across the nation.…

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Published Saturday, October 22, 2011 @ 8:49 am

Since the real estate reckoning of 2007 launched what would become a global economic meltdown, average Americans just like you have been taking advantage of the sure-fire safe havens of personal bankruptcy. But part of successfully joining the more than 1.5 million people who will file in 2011, is planning for life following the fruition of that bankruptcy.…

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Published Friday, October 21, 2011 @ 7:46 pm

Since the real estate reckoning of 2007 launched what would become a global economic meltdown, average Americans just like you have been taking advantage of the sure-fire safe havens of personal bankruptcy. But part of successfully joining the more than 1.5 million people who will file in 2011, is planning for life following the fruition of that bankruptcy.…

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Published Tuesday, August 30, 2011 @ 7:52 am

Are you buying forecasts of an economic recovery? Don’t believe another global recession is possible? Just ask Michael Spence, professor at New York University’s Stern School of Business and winner of the 2001 Nobel Prize in economics. Recently, Professor Spence told Bloomberg Television Wednesday that there’s “probably a 50 percent” chance of the global economy slipping into recession.…

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Published Monday, August 29, 2011 @ 4:51 pm

At a time when a full-fledged recovery remains a distant prospect for many average Americans and their beleaguered budgets, the outlook is also pretty grim for the overall American economy itself.

As millions of men and women flood unemployment lines awaiting word of jobs that may never return, and with few signs that the federal government nor the nation’s central bank will make any further efforts to stimulate our flagging financial state, according to government estimates released Friday, the United States economy grew at a slower pace this spring than even previously thought.…

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Published Tuesday, August 9, 2011 @ 8:56 am

Are you buying forecasts that we’re in a slow-but-steady economic recovery?

Well some believe the economic recovery never actually happened.

Just ask Nobel Prize winning economist and New York Times columnist Paul Krugman. On the heels of the recent debt ceiling crisis, 600-point plunge in the Dow Jones industrial average and the drop in interest rates to near-record lows, Krugman warns that the United States economy was never truly ‘on the road to recovery.’

As Krugman writes in this week’s New York Times, “It’s not just that the threat of a double-dip recession has become very real.…

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Published Wednesday, August 3, 2011 @ 11:00 am

In the midst of an economic meltdown, it can be tough to track your finances and start saving for a rainy day. But in the years since the recent Great Recession ended, many people are indeed trying to get their budgets back on a positive track, staging a financial comeback after years of dire economic setbacks.…

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Published Tuesday, August 2, 2011 @ 10:49 am

In the two years since the end of America’s recent Great Recession, there have been plenty of ups and downs in economic forecasts, fiscal prognostications, and financial facts and figures. Polls have also been a big part of taking the country’s financial pulse, as average Americans are often asked, “how are you feeling now, post-recession?”

Some experts will tell you that as recently as last fall—with news that businesses were back to hiring, some saying the housing market was no longer in a tailspin, and the economy looking less bleak than before—men and women throughout the country were beginning to feel better about their personal financial prospects.…

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Published Sunday, June 12, 2011 @ 1:57 pm

Are You Prepared for an American Recession Turned Great Depression?

Just as many Americans had begun to believe the worst of the economic downturn had passed, some experts are saying that the nation’s reemerging job woes are signs of something more sinister afoot: a potential Great Depression.

So what could cause America’s Recession to turn into a Great Depression?…

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Published Thursday, March 17, 2011 @ 6:00 am

To commemorate the Federal Trade Commission’s annual National Consumer Protection Week (March 6 – 12, 2011), the FTC is providing a budget-load of handy-dandy information designed to protect your money, your credit, and your overall post-recessionary financial future. So whether you’re rebuilding your economic life post-bankruptcy, or simply trying to speed up your savings, the NCPW blog can yield a wealth of resources exactly at a time when average Americans need a financial infusion, including information about:

• Avoiding foreclosure rescue and other mortgage-related scams;
• Knowing how to spot employment opportunity scams;
• Making the most of your money in the early stages of your career;
• Building and maintaining a budget to improve financial stability;
• Avoiding time-share and credit-card scams offered via text messages; and
• Learning what steps to take to save your home from foreclosure.

…

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Published Friday, March 11, 2011 @ 10:51 am

Continuing unrest in major oil-producing pockets of the Middle East—including recent changes in Egypt’s leadership and the current chaos in Libya—is adding fuel to the rumors that rising gas prices could take us into another economic downturn.

Yes, you read that correctly.

According to a new report from The Huffington Post, “Yet another group of analysts have issued grim warnings about the recent run-up in oil prices.…

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Published Monday, January 3, 2011 @ 6:50 am

At the stroke of midnight on New Year’s, most people—people just like you—contemplated resolutions for a better, and in many cases, more financially sound, 2011.  And with millions of Americans facing foreclosure in a lingering housing crisis, extended unemployment or job insecurity, mounting medical debts, and/or other tenuous financial situations during this lingering economic malaise, making amends to be more fiscally savvy can be as tough as post-holiday fruit cake.…

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Published Friday, August 6, 2010 @ 12:38 pm

Chapter 13 bankruptcy involves the facilitation of a financial reorganization plan that allows you to pay back your expenses over the course of three to five years. As a result, a Chapter 13 bankruptcy also requires that you look ahead three to five years in order to construct a realistic and sensible plan that can work for you.…

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Published Friday, August 6, 2010 @ 8:55 am

Have you heard from many experts and economists that the country’s headed for a double-dip recession—a second downturn that results from recent limits on economic stimulus? Well, take heart…we’re apparently only in a “one-and-a-half dip” recession.

That’s right.  According to Robert Reich, Former Secretary of Labor, we’re in a one-and-a-half dip recession, with the worst is yet to come and politicians and other people in power should take note.…

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Published Tuesday, July 20, 2010 @ 10:10 am

Are you buying forecasts of an economic recovery? Don’t believe a “Third Depression” is possible? Just ask Nobel Prize winning economist and New York Times columnist Paul Krugman. On the heels of the G-20 meeting in Toronto, where world leaders pledged to cut their country’s deficits in half by 2013, Krugman warned that worldwide austerity will curb the necessary stimulus needed to encourage economies and deter another downturn.…

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Published Wednesday, July 14, 2010 @ 2:54 pm

Everywhere you look it seems there are people affected by Congress’s failure to authorize and extend unemployment benefits to jobless Americans. And everywhere you turn there are reports of politicians accusing laid-off laborers of resting on their laurels and depending on these federal same governmental subsidies instead of following through with their job searches.…

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Published Monday, July 12, 2010 @ 9:21 pm

If you’ve ever tuned in to reality television shows like “Operation Repo,” or the like, you may see repo men (and women) as a bloodthirsty lot, who’ll stop at nothing and use any means necessary to take back cars and trucks, and even boats and planes. In recent episodes, it’s common to see delinquent debtors of all walks of life confronted, assaulted, and even pepper sprayed in an effort to repossess their past due property.…

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Published Thursday, July 1, 2010 @ 12:04 pm

While some experts are calling 2010 the year of the economic recovery, bankruptcy filings are in true recession-era form, rising in recent months, and, according many analysts, increasing with no end in sight. In early June, the American Bankruptcy Institute (ABI) validated these fears, reporting that personal bankruptcy filings for the month of May 2010 increased compared with a year ago (May 2009).…

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Published Thursday, June 17, 2010 @ 10:15 am

Following the last several years of the worst economic downturn in recent history, economists, commentators and financial experts have recently been heartened about prospects for economic growth and recovery this year as industries increasingly report better profits and the additions of new jobs.

Yet, as the economy emerges from the doldrums, consumers aren’t the only ones feeling hesitant.…

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Published Wednesday, June 16, 2010 @ 8:23 am

There is no shortage of bright, shiny signals alerting us that the world of technology is changing faster than we can measure. At one time, shopping on the Internet was considered a decision that could put your entire financial wherewithal at risk. Now, if a company doesn’t have an online shopping cart, it’s outdated.…

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Published Wednesday, May 19, 2010 @ 8:20 am

In a move that, as The New York Times described it, “will affect most American corporations,” the Labor Department has announced its latest mandates for company compliance with plans to end wage violations, increase workplace safety and adhere to equal employment laws.

As The New York Times’ Steve Greenhouse reported, “The effort, aimed in part at reducing the incidence of employers not paying overtime and improperly classifying workers as independent contractors, will require them to document many of their decisions and share that information with their workers and the government.…

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Published Friday, May 14, 2010 @ 8:20 am

Don’t call him a repo man. But if you are behind on the house payments, he’s coming for your keys.

In what can only be considered a sure sign that the current housing crisis is unlike any other, banks are now deploying professional “mediators,” to visit struggling homeowners to negotiate a settlement, which usually ends up with the homeowner accepting a check and the bank changing the locks.…

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Published Thursday, May 13, 2010 @ 3:20 pm

When you’re deep in debt, it may seem like your creditors are an ever-present part of your life…showing up where and when you least expect them. The calls and letters alone can leave your reeling, and feeling, used and abused.

As we’ve already seen in the first two parts of the four-part series, “Creating a Barrier to Bill Collectors,” unsecured creditors, the ones at the bottom of the financial food chain, are more likely to be the ones contacting you via phone, sending you letters, and generally harassing you for cash, any cash, where and when they can.…

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Published Saturday, May 8, 2010 @ 8:23 am

Sometimes, it may seem like your creditors are an ever-present part of your life…showing up where and when you least expect, or need, them. While options like bankruptcy can stop most creditors cold, in the interim, unsecured creditors, the ones at the bottom of the proverbial food chain, are more likely to be the ones contacting you via phone, sending you letters, and generally harassing you for cash, any cash, where and when they can.…

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Published Thursday, May 6, 2010 @ 6:06 pm

It was easy to spend money a few years ago, somewhere around late 2005 and into 2006, when the economy was flying, anyone could get a loan and every house in the zip code was appreciating at eight percent a year.

Those who managed to avoid subprime loans and the desire to keep up with whatever the other side of the cul-de-sac was spending turned out to make it through the recession in decent shape, provided the unemployment crisis didn’t catch up with them.…

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Published Monday, May 3, 2010 @ 9:21 am

Could the food industry be the latest bellwether of a better economy and returning consumer confidence? Some industry experts seem to think so.

According to William Neuman’s report in his recent New York Times article, “The Tables Turn,” “Restaurants all over the country are beginning to see signs of a potential recovery after a dismal 2009.…

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Published Wednesday, April 28, 2010 @ 8:23 am

While millions of struggling Americans still working hard to find meaningful employment might disagree, economists are heartened about prospects for growth this year as industries increasingly report better profits and add new jobs, though they still expect the recovery to remain slow, a new survey shows.

As The Huffington Post reported this week, 70% of those recently surveyed by The National Association for Business Economics believe real Gross Domestic Product (GDP)—the measure of our country’s overall economic output— will “grow by more than two percent this year, up from 61 percent who said the same in January.…

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Published Saturday, April 24, 2010 @ 8:06 am

In these tough economic times, many families are facing unprecedented financial challenges. This country’s recent Great Recession has dealt, and continues to deal, a significant blow to the budgets of Americans—leaving millions in debt, underwater in their mortgages, perpetually jobless and looking for any means necessary to get back on a financially-healthy track.…

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Published Friday, April 23, 2010 @ 1:05 pm

Since the Great Recession began in 2007, small businesses across the country have been squeezed.  Exacerbated by the flagging economy, small business owners everywhere are not only facing high employee health care costs and lagging consumer and commercial spending, but also fewer credit options. And while loans have always been the lifeblood of the small business, all across our great nation, mom and pop endeavors with even the most solid credit histories face tremendous obstacles in qualifying for much-needed capital.…

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Published Monday, March 15, 2010 @ 6:27 pm

Exacerbated by the recent “Great Recession,” small business owners everywhere are not only facing high employee health care costs and lagging consumer and commercial spending, but also fewer credit options. While loans have always been the lifeblood of the small business, all across our great nation, mom and pop endeavors with even the most solid credit histories face tremendous obstacles in qualifying for much-needed capital.…

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Published Friday, March 5, 2010 @ 4:30 pm

Life after bankruptcy is beautiful thing. Your stress levels go down and you become more confident with money. Now that things are back on track, maybe it is time to take a whole-life approach to changing the way you live. For some, it’s a new, but smaller, home; a more economical car; or a strict monthly budget.…

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Published Sunday, February 28, 2010 @ 9:26 pm

Bankruptcy is one of the most important decisions you may ever have to make. It’s not a decision to take lightly, and our office understands that you and your family have a lot of questions. While many of the same laws apply to many cases, rarely is your financial situation the same as another person’s.…

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Published Thursday, February 25, 2010 @ 6:05 am

In an era of extreme economic downturns and rising unemployment, having a car at your disposal has never been more necessary for work, job interviews and providing other basic fiscal needs…even as you consider a personal bankruptcy.

Yet, if you’re on the road to bankruptcy, these same economic issues and employment woes can mean you may have fallen behind on your most recent car payments, leaving your precious vehicle as a prime target for repossession by your car’s creditors.…

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Published Wednesday, February 24, 2010 @ 1:03 pm

While the current economic forecast is considered less dismal than in past months, the Federal Reserve released a forecast this week predicting unemployment will stay high over the next two years—noting that recession-scarred employers are likely to stay conservative in their hiring practices even as recession-scarred citizens continue their search for a dwindling number of jobs.…

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Published Wednesday, February 24, 2010 @ 9:50 am

We sure do like to shop in America.

Despite the rise of Internet browsing, there are still few environments more attractive to a modern-day capitalist than a shopping mall during the holidays. Even in down-times, like the last two major holiday periods, just about any mall appears packed with people as diverse as the brand names on the bags that dangle from their wrists.…

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Published Saturday, February 13, 2010 @ 1:09 pm

In what can be considered the best example of the current state of the nation’s commercial real estate industry, the largest residential real estate investment in United States history is facing bankruptcy. As a result, the current owners of the Stuyvesant Town/Peter Cooper Village are handing the property over to its primary financial backers after the recession and overall plunge in global real estate values decimated the complex’s value to a third of where it was upon its 2006 purchase.…

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Published Sunday, January 24, 2010 @ 8:18 am

Brent T. White, a law professor at the University of Arizona, has a provocative new study out, “Underwater and Not Walking Away.” He points out that as many as 32 percent of all homeowners are ‘underwater’ on their mortgages – they owe more money than their houses are worth. The media has produced a series of articles decrying homeowners who simply stop paying on these ‘upside down’ mortgages as irresponsible and even obscene.…

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Published Saturday, January 23, 2010 @ 7:15 am

You know your creditors: those nice folks who give you something you want — goods, services, or money — in exchange for your promise to pay them back at a later date.  In practical terms, a creditor can be a credit card company, a bank, a hospital, your local dentist, or any person or company to whom you owe a debt.…

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Published Thursday, January 21, 2010 @ 11:50 am

The latest chapter in the Obama administration’s attempts to make lenders modify mortgages is to send SWAT teams – no, I’m not kidding, really, SWAT teams – into the call centers of major lenders to try to ensure that they follow the proper procedures and actually modify loans. Seriously, wouldn’t it be a whole lot easier just to pass cramdown and allow bankruptcy judges to modify mortgages than to try to sweet talk, bribe or otherwise convince bankers to do it on their own?…

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Published Wednesday, January 6, 2010 @ 7:22 am

It’s been a very rough year for media companies, particularly newspaper publishers. An ongoing decline in advertising revenue, huge debt and a continuing inability to obtain additional credit have threatened the industry at large. It should come as no surprise, then, that a number of newspaper publishers have sought protection from creditors through Chapter 11 bankruptcy filings and have been sorting out their financial affairs under the oversight of U.S.…

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Published Monday, January 4, 2010 @ 7:58 am

Did you find yourself standing around at the stroke of midnight on New Year’s night, hard pressed to think of something, anything, that, in the current economy, you could resolve to do when all you currently think about is money? Whether you were in Times Square or a tiny gathering, you probably weren’t alone.…

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Published Sunday, December 27, 2009 @ 2:21 pm

Recently one of the largest radio broadcasting companies in the nation, Citadel Broadcasting, entered into bankruptcy proceedings. Now it appears as if there may be other media giants following in Citadel’s footsteps with NextMedia Group and Heartland Publications looking to file for bankruptcy as well.

This has been a bad year for media organizations all around.…

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Published Wednesday, December 23, 2009 @ 5:49 pm

Even in these tough economic times, everyone wants their family and friends to have a nice holiday—full of fun, frivolity and festive giving. And, even if you find yourself among the millions considering bankruptcy in the New Year, you may believe, now more than ever, that it’s open [holiday] season to shop for pricey presents using problem credit cards.…

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Published Thursday, December 3, 2009 @ 6:11 am

The American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center, reports that more than 135,000 consumers filed for bankruptcy in October 2009. The industry group estimates that this represents a nearly 9% increase in filings from the previous month. ABI Executive Director Samuel J. Gerdano commented that the increase in consumer bankruptcy filings in October, together with a reported 7 percent increase in business cases, “demonstrates the sustained stress on the U.S.…

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Published Tuesday, December 1, 2009 @ 7:35 am

Exacerbated by the recent recession, self-employed or small business owners everywhere are facing fewer credit options, high health care costs, and lagging consumer spending. Those struggling to stay afloat in these tough financial times must ask themselves even tougher questions. Do I have the motivation to continue my business? Could the business prosper if it wasn’t keeping up with old debts?…

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Published Monday, November 30, 2009 @ 11:03 am

The USA Today recently published an article about the changing face of bankruptcy. In other posts, we have noted that we are going through a “middle class recession.” Well, the evidence for both concepts continues to pile up, as the number of people who either currently, or before bankruptcy, brought home well over six figures in salary before filing continues to increase.…

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Published Thursday, November 19, 2009 @ 10:33 am

While credit card debt may not always be the reason a person files bankruptcy, it is a significant factor in many cases. There are myriad reasons why those balances become so unruly. Impulse purchases, for example. However, a lot of that debt can also be attributed to deliberately confusing contract agreements.…

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Published Wednesday, September 16, 2009 @ 10:06 pm

The four-year anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) is right around the corner. You might recall all the hype in the months leading up to the enactment of BAPCPA. This was the banking and credit industry’s seventh attempt to get the legislation on the books. They pitched BAPCPA as necessary to curb “rampant abuse” and to restore “personal responsibility and integrity” in the bankruptcy process.…

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Published Monday, September 7, 2009 @ 7:20 pm

So let’s say you run into some financial troubles. You meet with a bankruptcy attorney to discuss your options. You’re thinking that, if you’re going to file, you should try to refinance your mortgage first to lower the payments and ease some of the pressure. You’re also thinking you might want to go ahead and replace that old clunker with a reliable car to make sure you won’t have a problem getting to work during your bankruptcy case.…

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Published Saturday, September 5, 2009 @ 8:16 am

Let’s say you file a Chapter 13 bankruptcy petition in a given year. You state in your petition that you owe state income taxes for the previous year and give an estimate of that amount. The bankruptcy court confirms your plan. You then file your state income tax return, showing you owe even more than you stated in the plan, and you don’t pay the taxes.…

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Published Thursday, September 3, 2009 @ 9:43 am

The economy is so grim right now it’s hard to see the silver lining, but the good news about markets is that they rarely stand still forever. Even now, economists are slowly and cautiously becoming more optimistic about the situation, and consumers are gradually gaining back confidence. The housing market, for example, posted a quarterly rise in prices for the first time in three years, which may indicate a stirring of recovery.…

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Published Friday, August 21, 2009 @ 5:49 pm

The last installment of the hugely successful Terminator franchise was widely regarded as anemic―except at the box office , where it grossed a healthy $370 million. That’s a pretty good return on the film, and it hasn’t even been released to DVD yet. So with that kind of success, you’d think the franchise owners would be laughing all the way to the bank, right?…

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Published Friday, July 31, 2009 @ 2:46 pm

The Tribune Company, which owns the iconic Chicago newspaper of the same name, has almost completed the process of relinquishing ownership of another Chicago icon. To the tune of $900 million, the Chicago Cubs, famously consistent losers and one of baseball’s most beloved clubs, is being purchased by Tom Ricketts, who had won exclusive negotiating rights as early as January of 2009.…

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Published Monday, July 20, 2009 @ 11:01 pm

The automatic stay is one of the greatest benefits that filing for bankruptcy has to offer. However, it is important to note that there are some exceptions to the applicability of automatic stay rights.  You will not be protected from criminal prosecution, divorce proceedings, government regulatory procedures (except for efforts to collect on pre-petition debt–these will be barred) and efforts to collect on child support and alimony, or even modifications of the support orders.  Regular deductions for payments of a loan against a retirement plan may also continue even after the stay.…

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Published Tuesday, July 14, 2009 @ 8:21 am

We all make mistakes, but some are more costly than others. So how costly is it if you forget to list a debt in your bankruptcy paperwork? There’s no need to panic; forgetting to list a debt isn’t the end of the world. However, depending on what kind of bankruptcy you file, it can cause some problems in your bankruptcy.…

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Published Monday, July 13, 2009 @ 2:59 pm

If you have declared under Chapter 13, you may be eager to refinance your home. In doing so, you should pay close attention to what the mortgage companies are proposing and whether you will actually benefit from refinancing.  It is a good idea to research companies offering refinancing during Chapter 13 and analyzing their track records with consumers.…

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Published Saturday, July 11, 2009 @ 8:07 am

Chapter 11 bankruptcy is in the news a lot these days. Like individuals, more and more large corporations are struggling to weather the current economic downturn. Just think of GM, Chrysler, Lehman Brothers, and the like. Chapter 11 bankruptcy essentially does for corporations what Chapter 13 does for individuals: it allows them to reorganize their debts into an affordable repayment plan.…

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Published Friday, July 10, 2009 @ 5:34 pm

While bankruptcy can provide you a haven from financial insecurity, it will not automatically change for you the habits that may have led to your decision to file.

It’s important for you to understand that you are not the only person who has ever overspent. Money was good, credit was easy and why shouldn’t you live the lifestyle you deserve?…

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Published Wednesday, July 8, 2009 @ 9:10 am

So you have decided that it is time to file bankruptcy. Next, it’s time for you find the right kind of help to get you through the maze of paperwork, aggressive creditor tactics and into the court system.

Clearly, a bankruptcy attorney is your best option. But not all attorneys are the same.…

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Published Monday, July 6, 2009 @ 8:22 pm

You’ll recall that Psystar filed Chapter 11 bankruptcy at the end of May, right after a judge ordered it to reveal sensitive financial information to computer giant Apple, who had previously sued the small PC maker for copyright infringement. For the past few years now, Psystar has been assembling and selling PCs equipped with Mac programs – without Apple’s blessing.…

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Published Monday, July 6, 2009 @ 11:47 am

Are you hopelessly behind on your mortgage payments and wondering what to do about it? People in your shoes typically do one of three things: (1) try to convince the bank to just take whatever the property can fetch on the market (a “short sale”); (2) just let the bank foreclose; or (3) file bankruptcy.…

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Published Monday, July 6, 2009 @ 8:04 am

As you might imagine, one of the major casualties of the housing bust has been the collapse of home construction suppliers all around the country. The livelihood of these companies depends upon a thriving housing market in which homebuilders are buying windows, paneling, roofing, and other construction materials. But that’s not happening.…

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Published Tuesday, June 30, 2009 @ 4:45 pm

In an ironic twist of fate, a company’s whose claim to fame was helping people “avoid bankruptcy” has invoked bankruptcy protection itself. Debt Relief USA, a credit counseling agency based in Texas, filed Chapter 11 bankruptcy on June 18th. And it shut down all operations. According to its bankruptcy petition, DRU is currently saddled with $5 million in debt and has only $4.65 million in assets.…

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Published Saturday, June 27, 2009 @ 9:06 pm

The news of Michael Jackson’s death has rocked the entire world. From Los Angeles to Bahrain, fans are mourning his passing. The “King of Pop” had sold an astounding 61 million albums during this career – in the US alone.

Jackson first exploded onto the music scene with his 1982 “Thriller” album.…

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Published Saturday, June 27, 2009 @ 7:59 am

The people creditors hire to do the dirty work of collecting on debts can be the most irritating and persistent bullies you’ll be forced to deal with. Many consumers are not aware that Congressional law exists to protect them against the nasty business practices adopted by some of these bill collectors.…

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Published Friday, June 26, 2009 @ 3:45 pm

By this time of year, the flu and cold season is usually behind us. The windows are open, the jackets are packed away, and the cold medicines are shelved, as we get ready to enjoy the freedom that the warmth of summer brings us. But it’s different this year. The “Swine Flu” (the H1N1 virus) is upon us.…

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Published Friday, June 26, 2009 @ 12:32 pm

If you have spent some time on this blog then you’re probably giving some consideration to filing for bankruptcy. It’s not an easy decision, which is why this blog exists. We understand that it helps to understand what others are dealing with and similar stories about accumulating debt can better help you grasp where it is you stand financially.…

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Published Monday, June 22, 2009 @ 10:00 am

Bucking the trend, 2008 was a prosperous time for Delta Dental – the largest dental benefits carrier in the country. And things were looking good for 2009 as well. In fact, Delta Dental employees in Okemos, Michigan were getting ready for a significant office expansion – last year the company announced it planned to tack on an additional 25,000 square feet of office space in 2009.…

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Published Sunday, June 21, 2009 @ 9:35 pm

Bernie Kosar is a household name, known for his star football career during the 1980s and 1990s. Kosar quarterbacked for the University of Miami and led the team to its first national championship in 1984. After college, Kosar jumped right into the NFL and played as a successful quarterback for the next 12 seasons.…

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Published Friday, June 19, 2009 @ 5:04 pm

The apple doesn’t fall far from the tree, right? Sure, but not all apples are created equal – even if they’re exact replicas. At least that’s what computer giant Apple says about the desktops and laptops PC assembler Psystar is selling equipped with Mac programs. “Hackintosh” is the label Apple has given Psystar’s product.…

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Published Tuesday, June 16, 2009 @ 11:44 am

When Francisco Espinosa filed his Chapter 13 bankruptcy petition, he must have had no idea his case would end up before the United States Supreme Court. Espinosa’s case was just another run-of-the-mill consumer filing, except for one thing . . . the repayment plan he proposed provided that he would pay back $13,250 to United Student Aid Funds, Inc.…

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Published Monday, June 15, 2009 @ 12:05 pm

“CONGRATULATIONS! You’re eligible for a new mortgage modification program we’re offering exclusively to homeowners in your area. We can save your home from foreclosure, cut your mortgage payments, and even reduce your principal! And you don’t have to do anything! We’ll negotiate directly with your lender. Our team of experienced loan modification consultants are here to help you.…

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Published Sunday, June 14, 2009 @ 6:45 am

You’ve probably heard by now: if you want to file bankruptcy, you have to go through “credit counseling.” This new requirement is part of the “Bankruptcy Abuse Prevention and Consumer Protection Act,” which became law in 2005. The idea is that those filing bankruptcy should get “educated” on how to manage their money.…

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Published Saturday, June 13, 2009 @ 12:58 am

In January 2005, a dream came true for the Harper family of Lake City, Georgia: they received a brand new home, courtesy of ABC’s “Extreme Make-Over – Home Edition” reality TV show. In a nationwide broadcast, a construction workforce 1,800 strong descended upon the family’s neighborhood and spent the next six days demolishing their ailing, humble abode and building a 5,500 square foot comparative palace – complete with four bedrooms, decorative rock walls, a three-car garage, four fireplaces, and a solarium.…

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Published Thursday, June 11, 2009 @ 4:44 pm

Some 330,477 people filed bankruptcy between January and March of this year. Do the math. That’s an average of more than 110,000 filings per month, 27,500 per month, and just shy of 1,000 per day. These numbers are up ten percent over last quarter, and 35 percent from a year ago.…

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Published Wednesday, June 10, 2009 @ 8:38 am

The Chrysler bankruptcy saga continues. As you’ve undoubtedly heard by now, in a move to save itself from certain collapse after bankruptcy, Chrysler crafted a deal to sell a big chunk of its assets to the Italian car-maker Fiat, while at the same time shedding most of its debt. The bankruptcy judge handling the case approved the sale last week, finding the deal was necessary to avoid liquidation.…

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Published Monday, June 8, 2009 @ 5:46 pm

After you file for Chapter 13 bankruptcy, the court will set what’s called a 341 meeting. The 341 meeting in a Chapter 13 bankruptcy is similar in many respects to the Chapter 7 meeting, but they will not be identical. The 341 meeting, like some other parts of your bankruptcy process, will have some variations depending on your local jurisdiction, which is why it is a good idea to hire a bankruptcy attorney who practices in your area and is familiar with local procedure.…

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Published Monday, June 8, 2009 @ 11:50 am

Many people own a home before they file for bankruptcy protection, and once they are ready to start over and lay down that solid financial future, they will want to refinance their home loans. Refinancing a home can result in excellent benefits for a home owner.  By refinancing, you may be able to improve your cash flow by lowering monthly payments and reduce future risk associated with variable rates.…

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Published Sunday, June 7, 2009 @ 12:01 pm

So bankruptcy filing rates for individuals and businesses are up – way up. They’re expected to hit record levels this year. Indeed, with the recent bankruptcies of GM and Chrysler, we’ve seen some of the biggest filings in U.S. history during this recession. But an even more historic event may be on the horizon: the bankruptcy of the federal government itself.…

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Published Sunday, June 7, 2009 @ 8:59 am

As any experienced bankruptcy attorney will tell you, knowing your rights and defenses against creditors is key to leaving behind a troubled financial past and making a fresh start. There are a host of things you should know. One of them is that there are specific limits to how long your creditors can chase after you trying to claim an unpaid debt.…

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Published Saturday, June 6, 2009 @ 2:32 am

You’veprobably heard about the marked decline in the overall credit card debt levels since this recession took hold. You might find this a bit odd. Maybe you expected just the opposite at a time like this. Well, you’re on to something there. True, credit card debt is on the decline. It has tapered off six months in a row, by $5.4 billion last month alone.…

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Published Friday, June 5, 2009 @ 12:03 pm

Chicago Bulls fans recently had a unique opportunity to own a significant symbol of the team’s successful history – NBA championship rings from the Bulls’ 1996, 1997, and 1998 seasons. This was the era of the legendary trio – Michael Jordan, Scottie Pippen, and Dennis Rodman – who, together, formed one of the most powerful starting lineups the NBA has ever seen.…

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Published Thursday, June 4, 2009 @ 2:55 pm

A very troubling trend that potentially affects millions of Americas is going unnoticed. Don’t make the mistake too many people make when it comes to arbitration. There’s a good chance that you have conceded to arbitration already, probably unwittingly. That’s because more and more of the big companies that touch our lives on a daily basis, such as software developers, banks, web based services and of course, credit card companies, are writing arbitration clauses into their terms.…

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Published Thursday, June 4, 2009 @ 8:39 am

Nestled within the vast expanse of the ocean waters, hundreds and hundreds of miles off the Pacific coast, the islands of Hawaii probably don’t bring to mind thoughts of unemployment, foreclosures, bankruptcies, or the other recession-related concerns of the day. Hawaii’s geographic isolation makes it seem insulated from the difficult realities here on the mainland – economic and otherwise.…

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Published Wednesday, June 3, 2009 @ 7:15 am

The “The Credit Card Holders’ Bill of Rights” has passed both the House and Senate and was signed into law on May 22 by President Barack Obama.

Coupled with regulations recently issued by federal bank regulators, the “Bill of Rights” makes sweeping changes to the credit card industry beginning in July 2010.…

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Published Wednesday, June 3, 2009 @ 1:10 am

You’ve undoubtedly been following the news of GM’s steady march toward bankruptcy – whether you intended to or not. The media blitz on this issue has been intense, and relentless. They’ve been recycling the same questions: Will GM be forced to file? If so, when? Will the taxpayers foot the bill?…

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Published Monday, June 1, 2009 @ 3:00 pm

You’ve probably seen ads for companies that claim they can repair your credit. Sounds great, right? Who wouldn’t pay a few hundred dollars in exchange for a better credit score? Resist the temptation to believe in easy fixes. If it sounds too good to be true…well, you know the adage.

Most of these companies are scams, preying on people in vulnerable positions.…

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Published Monday, June 1, 2009 @ 12:30 pm

Your “Golden Years” are supposed to be the best time of your life. You shouldn’t be worrying about bills, going to work, or holding an “upside-down” mortgage. These years are supposed to be the fruit of your life’s labor, and you should be able to enjoy them – or least not have to juggle the kinds of responsibilities and concerns you did in your 20’s and 30’s.…

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Published Monday, June 1, 2009 @ 10:42 am

Filing bankruptcy is all about getting back to your feet, socially and financially. When it’s time to start rebuilding your credit history, one of the best ways to do so is through the use of a secured credit card.

A secured credit card is just like a regular credit card. The only difference is that instead of the bank granting you credit, your credit line is based on an actual cash deposit you put into a savings account.…

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Published Saturday, May 30, 2009 @ 1:41 am

$12.4 billion in total debt as of the end of last year. Another $1.2 billion in debt set to mature in 2010. A net loss of $401 million in the first quarter of 2009. And total assets weighing in at a mere $11.9 billion. This is what the balance sheet of North Carolina-based RH Donnelley (RHD) looks like right now.…

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Published Thursday, May 28, 2009 @ 7:50 pm

So you did it. You came to the difficult realization that you needed bankruptcy protection, you got through the process, and you received your discharge. First off: Congratulations! This is a very good thing. The mountain of bills that had been dragging you down for so long is gone — along with all the stress and anxiety of fending off the creditors who were trying to collect on those bills.…

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Published Thursday, May 28, 2009 @ 12:31 pm

As if we didn’t have enough things to worry about, it seems like every day another TV commercial, pop-up ad or credit card offer is telling you to worry about your credit score and pay someone to look at it.  Unfortunately, these messages, while pesky, are partly right; credit scores are now an important tool in the arsenal of an informed consumer.  Based on the way these offers are phrased, anyone might think that simply looking at your credit score is going to somehow fix it.…

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Published Thursday, May 28, 2009 @ 3:45 am

A number of reports have surfaced in recent weeks offering predictions of a return to growth in the economy by the end of this year. No one disputes the value of positive thinking, especially in troubled times such as these. But positive predictions made prematurely, or based upon an incomplete set of facts, can create false hopes and unrealistic expectations, which can actually be counterproductive.…

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Published Tuesday, May 26, 2009 @ 4:00 pm

Despite the defeat of the mortgage cramdown bill that would have allowed bankruptcy judges more power to renegotiate mortgages on behalf of those seeking relief, the Obama administration is realizing some slow success with its heavily touted foreclosure prevention program.

Mortgages eligible for the program started to be serviced last month and to date, 55,000 home loans have been subjected to modification as a way to alleviate the financial pain caused by sub-prime loan interest rate spikes.…

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Published Tuesday, May 26, 2009 @ 8:38 am

It looked like the high tech industry was going to dodge this economic downturn. Industry hot spots like North Carolina’s Research Triangle (the Raleigh, Durham, and Chapel Hill area) and Northern California’s legendary Silicon Valley remained fairly secure throughout most of last year. While other major regions around the country saw big declines in every sector, the high tech areas continued to see job growth and stable housing prices.…

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Published Monday, May 25, 2009 @ 8:25 am

Filing bankruptcy is one of the most significant financial decisions a person can make. It has the ability to transform your life. But to take advantage of the full potential bankruptcy has to offer, it is vital that your case be handled with the utmost care and attention. That’s why it’s so important to find an experienced bankruptcy attorney with a proven track record of success in helping people achieve their goals.…

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Published Wednesday, May 20, 2009 @ 5:20 pm

For some people who are ready to file for bankruptcy, the prospect of going through the “341 meeting” looms dauntingly. The meeting gets its name from the section of the bankruptcy code that outlines the requirement, 11. U.S.C. 341, but you may hear it also called the “first meeting of creditors.”  Within ten days of your filing, the court will send notice to your creditors, and one purpose of this notice is to set the date for the 341 meeting.…

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Published Wednesday, May 20, 2009 @ 11:12 am

After living with the stress of debt for a while, it’s very possible to become accustomed to it. Maybe you think that financially, things are just always going to be that way. “I’ll owe more than I make and somehow, I’ll just manage to get by every month.” Serious debt is an emotionally trying and socially problematic complication of life and unfortunately, almost like an illness, many of us learn to accept the pain and find a way to live.…

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